A white £5 note, issued in 1935
Fifty-five dollar bill in 'Continental currency'; leaf design by
Benjamin Franklin, 1779
A banknote (more commonly known as a bill in the United States and Canada) is a paper by which a bank promises to pay to the bearer on demand. Together with coins, banknotes make up the cash forms of all modern money. Coins are generally used for lower valued monetary units, and banknotes for higher values.